Bill C-59 has received its first reading on 7th May 2015 implementing certain measures announced in the 2015 federal budget. These measures will not be applicable until after the upcoming federal election expected in October 2015. The enacted corporate tax measures are given below:
- The small business income tax rate is reduced from 11% to 9% in the period from 2016 to 2019.
- The announcement of a new CCA Class 53 with an accelerated CCA rate of 50% per year on a declining balance basis for machinery and equipment assets acquired after 2015 and before 2026.
